As we welcome rising temperatures, buyers in the Denver market continue to welcome rising inventory. Having options to choose from is a great reprieve from high interest rates paired with high home prices. Active listings increased 19.51 percent month-over-month and 51.30 percent year-over-year to 6,990 listings! While this is a significant increase, perspective is important – average active listings for April are 14,048 (1985-2023). Record-high April was 2006 with 29,045 listings and the record-low was set in 2021 with 2,594 listings. Still, the historical average increase in active listings from March to April is 10.32 percent, so an increase of 19.51 percent from this March to April is certainly a healthy increase.
New listings also saw a healthy uptick, rising by 21.22 percent month-over-month and 25.42 percent year-over-year, totaling 5,980 listings. Pending sales experienced a modest increase of 8.32 percent month-
over-month and 5.53 percent year-over-year, with 4,468 properties pending. However, the most notewor-
thy metric, closed sales, saw a marginal uptick of 1.66percent month-over-month but a 4.79 percent decline
year-over-year. This suggests a slower absorption rate of inventory compared to previous periods. As inventory expanded, buyers seized the opportunity, resulting in a 27.27 percent reduction in median days on market to a mere eight days. Median prices edged up by 1.27 percent to $602,550, while the average price reached a new record of $727,700!
See below for a chart showing number of active and sold properties, along with average sales prices for this past month and how we compare year over year.
As always, if you are considering a purchase OR a sale, please reach out to me with any questions!
– Tabitha
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